This site uses cookies to provide you with a more responsive and personalised service.
By using this site you agree to our use of cookies.
Please read our cookie notice for more information
on the cookies we use and how to delete or block them.

The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

November

The International Federation of Accountants has presented its prestigious Sempier Award to Sir Bryan Carsberg, former Secretary-General of the IASC.

The award recognises an outstanding leader who has made significant contributions to the development of the international accountancy profession over a period of years. As Secretary-General of the IASC from 1995 to 2001, Sir Bryan led the completion of a core body of Standards that has subsequently been endorsed by IOSCO and adopted by the European Union. He is widely recognised for his commitment to promoting worldwide convergence of those standards. Click for IFAC Announcement (PDF 79k).

We have updated our IAS-XBRL Page to reflect the recent release, by the XBRL International Steering Committee, of the IAS Primary Financial Statements Taxonomy as an approved XBRL Recommendation.

The Committee has also released, as a Public Working Draft, the IAS Explanatory Disclosures and Accounting Policies Taxonomy. Both taxonomies are available on the Internet from the XBRL Organisation Website.

We have posted a new (PDF 154k) that explains the planned adoption of International Accounting Standards as Australian GAAP for reporting periods beginning on or after 1 January 2005. Because
of the need to present prior period comparatives, the transitional calculations will commence for reporting periods beginning on or after 1 January 2004. A few Australian accounting standards do not have an international counterpart, including concise financial reports, general and life insurance, and extractive industries.

We have posted the 25 November 2002 edition of the Accounting Roundup newsletter published by Deloitte & Touche (US).

Topics covered include FASB's and IASB's exposure drafts on stock-based/share-based compensation, SPEs, SOP on accounting for financial instruments by non-profit health-care institutions, IASB's November meeting, and news about the new US Public Company Accounting Oversight Board.

The International Auditing and Assurance Standards Board has issued an Exposure Draft (PDF 237k) inviting comment on IAASB's Proposed Terms of Reference; the Preface to the International Standards on Quality Control, Auditing, Assurance, and Related Services; and Operations Policy No 1–Bold Type Lettering.

Comments are due 28 February 2003. The IAASB is proposing to restructure the Auditing and Assurance Handbook to include four separate sections covering:

Quality control. The documents in this section would be called International Standards
on Quality Control (ISQCs). This section would address firm-wide quality control
issues while ISAs and ISAEs will address engagement specific quality control matters.

Audits and reviews of historic financial information. The documents in this section
would continue to be called International Standards on Auditing (ISAs) and
International Auditing Practice Statements (IAPSs).

Assurance engagements on other subject matters. The documents in this section would
be called International Standards on Assurance Engagements (ISAEs), and in time, if
needed, International Assurance Engagement Practice Statements (IAEPSs) could be
added.

Related services. The documents in this section would be called International Standards
on Related Services (ISRSs), and over time, if needed, International Related Services
Practice Statements (IRSPSs) could be added.

The SEC's Division of Corporation Finance issued 28 Q&As that address issues relating to implementing the Public Company Accounting Reform and Investor Protection Act of 2002 (the Sarbanes-Oxley Act).
.

The SEC's Division of Corporation Finance issued 28 Q&As; that address issues relating to implementing the Public Company Accounting Reform and Investor Protection Act of 2002 (the Sarbanes-Oxley Act).